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Monday, 10 December 2012

Unfair to Cyprus

In his replica to the Budget criticism of the Leader of the Opposition, the Prime Minister made big fuss because two years ago the Leader of the Opposition had criticised the government for performing worse than Cyprus.

Cyprus is now seeking an EU bailout so according to the Prime Minister time has shown that the PN has managed Malta's economy better than the government of Cyprus. So according to the Prime Minister the Leader of the Opposition always chooses the wrong model for Malta.

This is very unfair and unkind to Cyprus and its people. Cyprus had been running a better economy than Malta and the criticism of the Leader of the Opposition two years ago was fair and appropriate.

Cyprus suffered the misfortune of someone who lives next to a house that has been gutted by fire. Their house has been damaged by the fire from their neighbour's house. It is a misfortune beyond their control and it is unchristian for anyone to boast of the misfortune of others.

Cyprus has traditional strong economic and cultural ties with Greece. Cyprus' economy has been badly hurt by the problems of Greece. Their banks have suffered huge losses due to the exposure they had towards the Greek economy and the government had to intervene to save its banks. In the process its budget has been put under severe stress.

If Maltese banks have suffered no such misfortune that is no merit of the government. It is the merit of the people who have cultivated the strong culture of savings and who maintain their strong home bias in placing their savings. This has kept our banks liquid and solvent and it is thanks to the people that our banks have not put government finances under stress.

We have done well in spite of the government not because of the government.